Business News of 2014-06-02

Stanbic Bank launches MoneyWallet Card

Stanbic Bank Ghana has launched the Stanbic MoneyWallet Multi-Currency Card to provide both customers and non-customers the convenience to load and have access to four foreign currencies on a single card.

Card holders can load the British pound, the US dollar, the South African rand and the Euro and are guaranteed protection against foreign exchange rate swings and attendant losses.

The new MasterCard-branded card offers customers and non-customers a convenient alternative to foreign currency notes, allowing users and travellers to avoid forex and cross currency fluctuations costs and concerns, especially when travelling and trading in the United States, United Kingdom, Europe and South Africa.

The card, a product of Stanbic Bank’s collaboration with MasterCard, can be reloaded as often as the holder desires. It can be used for e-commerce transactions, point of sales purchases and ATM cash withdrawals at more than 36.9 million locations in over 210 countries, where MasterCard is accepted.

Nana Dwemoh Benneh, Head Personal and Business Banking Stanbic Bank Ghana said with the Stanbic MoneyWallet, it was no longer necessary for customers to worry about carrying cash during their travels.

He said the global accessibility of the card would ensure that customers have a convenient way of doing their financial transactions with a card in their hands.

“We are in the market to provide state of the art solutions for our customers to help improve their lives. The introduction of MoneyWallet is one of the many interventions that we will roll out this year to continually advance the business of customers.”

Nii Odartey Lamptey, Manager, Transactional Products Stanbic Ghana, said the MoneyWallet is a signal to a corporate travel card solution and other card offerings that the bank would introduce by the end of 2014.

“We are keen on encouraging all to use cards a lot more and to use cash a lot less as that serves our customers, our clients and our country better,” he said. Stanbic MoneyWallet is issued and activated instantly upon purchase and has a five-year life span and there are no transactional cost to holders when used for point of sales payments and e-commerce.

Besides, the card is able to automatically detect which currency to use depending on the user’s location and also which currency to use when there is insufficient local currency on the card at any location.

Mr Obi Okwuegbunam, Director Account Management for MasterCard in West Africa said the roll out of the card in collaboration with Stanbic would help to make the vision of a world beyond cash a reality.

“The Multi-currency card represents the future of travel prepaid cards. Not only is it incredibly convenient for frequent travellers and those who crossed multiple borders on the same trip, it also provides travellers with a safer and more secure alternative to carrying cash,” he said.

The users of the MoneyWallet card have access to 24-hour customer service and support and in the event of a lost, damaged or stolen card, can receive emergency cash.